Braemar Shipping Services plc: Changes to the Executive Board of Directors of the Company and Interim Management Statement

Changes to the Executive Board
The board of Braemar Shipping Services PLC (“Braemar”, “the Group” or “the Company”) is pleased to announce the appointment of James Kidwell as Chief Executive with effect from today. James Kidwell, age 50, is Group Finance Director and has worked for Braemar in that role since June 2002.

He succeeds Alan Marsh, who will retire as chief executive today and from the board on 31st July 2012. Alan Marsh has, however, agreed to continue to play an active role in the Shipbroking division. In addition, Quentin Soanes, following his appointment as Chairman of the Baltic Exchange, will also retire from the board on 31st July 2012 but will remain responsible for the Group’s Technical, Logistics and Environmental divisions.

Denis Petropoulos continues as group regional director – Singapore, and executive director of Braemar Shipping Services PLC. He is based in Singapore and is also responsible for Braemar’s development and marketing initiatives in the East.

Sebastian Davenport-Thomas becomes managing director of the Shipbroking division, having been head of its sale and purchase department for the past five years.

The Group will appoint a new finance director in due course and in the meantime James Kidwell will retain these responsibilities in addition to his new role.

The Chairman of Braemar, Sir Graham Hearne said: “Alan has led Braemar, as a public company, for 11 years with great distinction and has been a significant force in taking the Group to where it is today. We are indebted to him for his enormous contribution and I am delighted that he will still be actively involved in our Shipbroking division.”

“Quentin will also take this opportunity to retire from the board after more than 30 years service with Braemar. He has been highly instrumental in the development of the marine and energy services businesses in the Group which will continue to be his primary responsibility. We would like to wish him every success in his role as Chairman of the Baltic Exchange.”

“Braemar is doing well in very challenging markets and in James Kidwell we have appointed a top class executive who has over the years developed a deep understanding of all aspects of the business. I have no doubt James will bring the leadership and expertise to maintain our success and manage the next phase of Braemar’s growth.”

Braemar’s outgoing chief executive, Alan Marsh, said: “It is with some sadness that I have decided, as I approach my 63rd birthday, that this is the time to retire from a role that I have much enjoyed. I am confident that James will be an outstanding successor, and I look forward to continuing to contribute to the Group’s success.”

The company’s new chief executive, James Kidwell, added: “I am looking forward to the challenge of building on the Group’s positive momentum. Braemar is a dynamic business, and we have a strong team of people who together offer great potential for the future.”

Interim Management Statement

This Interim Management Statement covers the first quarter of the financial year beginning 1 March 2012.

Tanker chartering and dry bulk freight rates have been relatively weak because of the imbalance in tonnage supply in most markets. However, our transaction volumes have continued to grow steadily and there are some areas – in particular in specialised tankers – where we have developed significant new business. Our offices in Australia and India, which are predominantly dry bulk, have also made a bright start to the year.

The second-hand sale and purchase market has seen higher activity in recent months. After a period of greater price stability there has been more serious buying interest especially from the more traditional family shipowning companies.

The Technical division has made a strong start particularly Braemar Offshore, our surveying and engineering business in the Far East. Braemar Engineering has won some good LNG supervision business which will improve its performance in the second half and Braemar Casbarian is seeing more activity in its prime market – the Gulf of Mexico.

The Logistics division is performing well with both UK and Singapore ship agency business gaining ground.

The Environmental division has had a strong first quarter continuing in the same vein as the final quarter of last year with its clear-up work on the MV RENA off the coast of New Zealand which commenced in October 2011. Activity on the project is likely to slow in the second half as the wreck removal gets underway.

Overall the performance of the Group is in line with the board’s expectations.


For further information, contact:
Braemar Shipping Services
Alan Marsh Tel +44 (0) 20 7535 2650
James Kidwell Tel +44 (0) 20 7535 2881

Pelham Bell Pottinger
Damian Beeley
Zoe Pocock Tel +44 (0) 20 7861 3139
Tel +44 (0) 20 7861 3961

Elaborate Communications
Sean Moloney Tel +44 (0) 1296 682356

Westhouse Securities

Dermot McKechnie Tel +44 (0) 20 7601 6115
Henry Willcocks Tel +44 (0) 20 7367 9052

Notes to editors
Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical and other services to the shipping, marine and energy industries. The business is organised into the following segments: Shipbroking, Technical, Logistics and Environmental. It is listed on the Official List of the London Stock Exchange in the Industrial Transport sector.

Principal businesses:

Braemar Seascope provides chartering, sale and purchase and consulting shipbroking services to international ship owners, charterers and financial institutions operating in the tanker, gas, chemicals, offshore, container and dry bulk markets. There are shipbroking offices in the UK, China, Australia, Singapore, India, Italy and Monaco.

Braemar’s Technical division provides a range of specialist marine services to the maritime sector. The business operates under the brand name Braemar Technical Services and the activities of the division are as follows:

– Braemar Adjusting provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It has offices in London, Houston, Singapore, Calgary, and Rio de Janeiro.

– Braemar Offshore provides specialised marine and offshore services mainly performing pre-risk marine warranty surveys. It has offices in the UK, Australia, China, India, Indonesia, Malaysia, Singapore and Vietnam.

– Braemar incorporating The Salvage Association (“Braemar SA”) provides marine consultancy and surveying services to the shipping, energy, offshore and insurance industries. The Salvage Association was acquired on 9 May 2011 and it has a network of offices in Asia, Europe and the US that undertake marine damage surveys for the insurance industry.

– Braemar Engineering provides consultant marine engineering and naval architecture services to the shipping and offshore markets from offices throughout the Far East and London. Braemar Engineering was expanded with the acquisition of Braemar Casbarian in July 2011 which provides consulting engineering services mainly to the offshore industry in the Gulf of Mexico from offices in New Orleans, Houston and Trinidad.

Cory Brothers Shipping Agency provides port agency, freight forwarding and logistics services within the UK and Singapore.

Braemar Howells provides pollution response and advisory services primarily in the UK and Africa and is continuing to develop an international presence. It has earned an international reputation for its work for the insurance industry in handling the containers from stricken vessels – the MSC Napoli in 2007 and the RENA which is on-going in New Zealand.

Shipowners Stress Their Role In Delivering Green Growth

EMBARGOED UNTIL 16 JUNE 2200hrs (UK time)

Today in Rio de Janeiro (Saturday 16 June) at a high level ‘Oceans Day’ event during the United Nations ‘Rio+20’ Summit on Sustainable Development, the International Chamber of Shipping (ICS) presented the views of the world’s merchant shipowners on delivering green growth.

On behalf of ICS, the principal international trade association for shipowners, representing over 80% of the world merchant fleet, ICS Regulatory Affairs Director, David Tongue, told Rio + 20 delegates: “Shipping carries about 90% of world trade but is already by far the greenest form of commercial transport producing between 40 and 100 times less CO2, per tonne of cargo moved one kilometre than cargo aviation and significantly less than trains and trucks. Shipping is the only industrial sector already to be covered by a binding international agreement for the further reduction of CO2 emissions, which will deliver a 20% improvement in energy efficiency by 2020.”

He added: “Other international sectors concerned with the Oceans could learn a great deal from the way in which the UN International Maritime Organization successfully regulates shipping.”

ICS used the UN Summit to explain that without the low cost of transport provided by modern shipping, the movement of raw materials and energy, in bulk, to wherever they are needed, and the transport of manufactured goods and products between the continents would simply not be possible.

ICS advised that the low cost and efficiency of maritime transport has facilitated the movement of much of the world’s industrial production to Asia and other emerging economies in Latin America, which underpins the massive improvements to global standards of living that most people have enjoyed in recent decades.

ICS explained that the shipping industry had over 100 years’ experience of international governance of its activities, and that the regulatory framework provided by IMO has served the Oceans well.

By way of example, ICS reported that the number of significant oil spills has decreased from 233 per year in the 1970s to just 31 per year during the past 10 years, while the volume of maritime trade had more than tripled during the same period. This is because IMO environmental regulations are genuinely implemented and enforced on a global basis through a combination of flag state and port state control.

It was explained that one of the central pillars of IMO regulation, which is ratified and enforced by over 150 nations and applies to 99% of the world fleet, is the MARPOL Convention.

MARPOL comprehensively regulates all aspects of potential sources of ship pollution, ranging from oil and chemicals to atmospheric pollution such as sulphur.

ICS advised that as a result of recent IMO regulation, the sulphur content of ships’ fuel will be cut dramatically in emission control areas in 2015, and throughout the world’s Oceans with effect from 2020. This is in addition to the new rules adopted to reduce shipping’s CO2 emissions that will come into force in January 2013.

It was explained that IMO has also adopted international Conventions governing issues such as ballast water management to prevent the movement of marine micro-organisms that can cause damage to local ecosystems.

ICS stressed that because shipping is an inherently global industry – indeed the first truly global industry – it is vital for governments to recognise the importance of uniform international rules. If different rules concerning ship operation or environmental protection were to apply at different ends of a voyage there would be chaos, reducing the smooth flow of global trade in a manner that was safe, clean and efficient.

ICS suggested that agreement on the need for government support for IMO, with its proven track record of preventing the pollution of the Oceans by ships, was vital and should be one of the main outcomes of the Rio +20 Summit.


Notes To Editors:
• The International Chamber of Shipping (ICS) is the principal international trade association for shipowners, with member national associations from 36 countries representing all sectors and trades and over 80% of the world merchant fleet.
• Available graphics: Shipping’s CO2 compared with other transport modes
Timetable for shipping’s CO2 emission reductions Reduction in oil spills
• Photo available of ICS Director Regulatory Affairs, David Tongue.

Videotel Makes Valuable Contribution to Safety with New Survey and Examination of Lifting Appliances Course

The wide range of operational equipment both on board a vessel and dockside can make the job of a surveyor, and indeed anyone responsible for examining equipment, challenging and fraught with pitfalls. With its new Survey and Examination of Lifting Appliances training course, Videotel has made a valuable contribution to this important area, helping to improve the quality of the surveying and examination of lifting appliances and so playing its part in helping to reduce the number of injuries and deaths caused each year by lifting operations.

“When a lifting appliance fails, the consequences can be far-reaching,” says Nigel Cleave, CEO of Videotel Marine International. “Serious injuries and deaths can occur, not just to onboard-personnel but to the general public. As a result, legal claims can also arise with the inevitable impact of associated legal costs – and those costs are rising. Likewise, when equipment fails, the costs of disrupted operations and off-hire can also be considerable.”

Survey and Examination of Lifting Appliances was created in association with Lloyds Register to improve the quality of the surveying and examination of lifting appliances. It is aimed at surveyors and anyone involved in examining or maintaining lifting appliances, whether they are working in the marine sector, the offshore sector, or examining dockside cranes. The objective is to ensure that examinations are carried out thoroughly and consistently and that personnel who examine lifting appliances are acknowledged as “competent persons”.

Different national legal frameworks generally require that lifting appliances should be thoroughly examined by a “competent person” at least every 12 months. The International Labour Organisation (ILO) definition is of “a person possessing the knowledge and experience required for the performance of a specific duty or duties and acceptable as such to the competent authority.” Successful completion of this course from Videotel is a significant step towards gaining the relevant knowledge needed to fit that definition.

The Survey and Examination of Lifting Appliances programme is delivered via CBT with multiple choice questions at the end of each module and a final assessment.

Thomas Gunn Launches New Generation Voyager

Visitors to Posidonia 2012 will be the first to see new Voyager 4, the latest incarnation of the highly regarded automated chart management system from Thomas Gunn Navigation Services.

The Voyager Series has earned a reputation for innovation, reliability and responsiveness to customers’ needs – and Voyager 4 is no exception. Packed full of new applications, Voyager 4 offers the mariner an easy to use, cost effective and high quality database of navigational data neatly displayed using an interactive map interface with Admiralty information overlay which can be customised to individual voyage requirements.

“We have incorporated a number of industry firsts into the new Voyager,” explains Thomas Gunn, founder and Managing Director of Thomas Gunn Navigation Services. “The new Route Planning functionality will enable the Mariner to plot an optimum route and then automatically receive a tailored list of corrections for that route alone. Our Digital Loose Leaf application delivers digitised loose leaf updates straight to the vessel.

“We are also very proud of our partnerships with organisations such as Shipping Guides, Regs4ships and SPOS, and of new features such as ENC display and touch screen technology which have been developed in response to customer feedback. Voyager 4 will ensure the bridge has access to the specialist navigation tools essential for a safe and efficient passage.”

As part of the service provided by Thomas Gunn, subscribers to the Voyager system will automatically receive the new Voyager 4 software. Voyager’s state of the art file compression technology ensures easily delivery of weekly updates for British Admiralty Notices to Mariners and Tracings, and Admiralty Vector Chart Service and Admiralty Raster Chart Service updates. To ensure that the mariner continues to have the most up to date port information available to them, any amendments available will also be included in the weekly Voyager updates service..

Future developments incorporating Distance Tables from AtoBviaC, publications from Witherby Seamanship library and anti-piracy tools are in the pipeline and will be announced when ready.

The Voyager service does not require any additional communication equipment thereby eliminating any hardware, installation and on-going maintenance costs. Voyager software is installed on a Windows PC and can be updated via email or web service.

InterManager Boosts Membership

InterManager, the international trade association for the ship management industry, has boosted its membership with several new members joining its ranks during the first quarter of this year.

Full members joining include ship management company Nigeria LNG and crew manager Nedcon. They are joined by Associate members KVH, Cubisol, Jadran Pismo and Stark Moore Macmillan.

Speaking as the InterManager Executive Committee Meeting in Athens today (June 7) InterManager President Alastair Evitt said: “I am pleased to report that InterManager is increasingly receiving applications for membership from a range of shipmanagement and related maritime businesses. I believe the shipping community is becoming more and more aware of the benefits of speaking with one voice on key issues and recognises the role bodies like InterManager can play in representing their interests and speaking out for the industry.”

Mr Evitt pointed out that incidents like the arrest and criminalisation of Hebei Spirit captain and first officer had highlighted how effectively InterManager can work on behalf of the ship and crew management community and how successfully it could operate with other industry organisations.

Details of new members follows . . .

InterManager New Members :

• Jadran Pismo is a Philippines-based maritime news portal which produces daily news in seafarers’ local languages. The service currently publishes news and information in 29 different languages which are emailed to more than 700 vessels to keep seafarers up to date.
• Satellite communications company KVH Industries is behind the global mini-VSAT Broadband C/Ku band network, which uses small powerful antennas connected to a spread spectrum satellite network to provide affordable broadband connectivity to vessels, almost anywhere on earth. The company, based in Rhode Island, USA with facilities in Illinois, Denmark, Norway and Singapore, also manufactures the TracVision line of satellite TV antennas.

• NBS Ltd Cyprus is a ship management company which specialises in providing gas, oil, chemical and dry carriers. Using its shipmanagement experience, NBS has developed a Psychological Evaluation System for Officers Aboard Ships (OPES) a flexible, professional tool which can be used to evaluate work-related stress and thereby help to reduce the chances of an accident at sea.

• Romanian-based shipmanagement company Nedcon Maritime mainly in the recruitment of Romanian seafarers for ship owners and operators, hotel personnel for passenger vessels, upholsterers and wood craftsmen for the maintenance and repair of luxury yachts, trades-people for shipyards, drilling crews and personnel for the oil and gas industries.
The company, which has a 10,000 strong crew database, provides a range of personnel-services including selection and hiring, medical examinations, documentation and visa processing, crew travel, accountancy and payroll.

• Nigeria LNG (NLNG) produces liquefied natural gas for global export and has 24 ships on long-term charter. Thirteen of these ships are owned by Bonny Gas Transport (BGT) (a wholly-owned subsidiary of NLNG). NLNG has in-house ship management capabilities through its Nigeria LNG Ship Management Services (NLNGSS) unit.

•Stark Moore Macmillan is a global strategic marketing and communications agency specializing in the commercial maritime sector. They provide a range of services from market assessment, research and opportunity analysis to corporate, product and brand positioning strategies, digital and social media communications programmes and traditional PR, for companies with an existing presence in the maritime industry and those seeking to enter the market.

• Cubisol offers shipping IT solutions for qualified decision support, communications, and supply chain integration, with focus on the total cost of operations. The company specialises in working with ship owners, ship managers and supply chain companies.